As many of you know, some parts of the CPA exam are changing significantly in 2011 though don’t listen to the rumors that say everything is changing profoundly. If you sit for the exam before 2010 and sit again in early 2011, chances are you will recognize much of the content and format of the exam beyond the few changes. We’ve covered those here before, feel free to check out our previous CPA exam posts for more detail.
Anyway, a lot of you are wondering if you should purchase CPA exam review materials now and if you do how you will handle the new material in 2011.
If you’ve done your homework, you’ve found a CPA review course that offers updated material at no additional charge. This could be in the form of split shipments, updates to books or new books altogether depending on whose program you have sunk your hard-earned money into. If you are unsure whether your course offers these or if you are still shopping around for a review, be sure to ask before committing as some providers could end up charging you for new materials.
Keep in mind, however, that much of what is being tested currently will still be tested in 2011, even in areas like FAR and AUD that are getting a significant amount of new international material added to them. If you read too many misinformed forum posts, you might be under the impression that 2010 material is completely and totally irrelevant in 2011 and that studying from these materials will mean guaranteed failure on the exam. That is simply not true. Of course it is a good idea to also study from whatever updates you might receive to 2010 materials if you are sitting in 2011 but it is not worth panicking over nor delaying your studying because you are holding out for brand new 2011 information.
The AICPA Board of Examiners is not about to throw away their precious bank of tried and true CPA exam questions, even though they are anxious to add new international content to that mix. Much of what CPAs have been tested on for the last 6 years will still be relevant next year and there is no need to hold a giant 2010 CPA review book bonfire to eliminate old, outdated content.
You will definitely want to get access to any material updates if you are allowed them by your review course but please, don’t burn books or run out and get all new materials just because you are afraid of being left behind in 2011. Debits still go on the left, even under IFRS.